The Germany-based company already offers customers in China high-tech solutions for e-mobility and autonomous driving and is increasingly enlarging its customer base with Chinese manufacturers and new mobility providers.

The company, which competes with Joyson Safety Systems and ZF TRW, forecast organic sales growth of around 6 percent this year compared with a mean forecast of 6.5 percent in a poll of analysts and its own previous outlook of 8 percent.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.